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Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Mon Nov 11, 2019 11:36 am
by winston
Sunway Bhd (SWB MK)
The Best Thus FarAmid the prolonged down-cycle in the property sector, Sunway would still deliver stronger earnings in 2019, thanks to its diversified income base.
Notable drivers include property billings, improved healthcare business and higher property
investment earnings.
Meanwhile, the recent acquisition of student hostels in UK is expected to provide stable
income in the long run.
Maintain BUY. Target price: RM2.11.
Source: UOBKH
https://research.uobkayhian.com/content ... e7474c0a01
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Thu Aug 27, 2020 9:14 am
by winston
not vested
On stock selection, HLIB Research maintains a Buy rating on SUNWAY (TP RM1.95) based on a 10% holding discount to SOP-derived value of RM2.17.
SUNWAY remains our top pick in the property sector given its well-integrated property and construction developments.
The value of the healthcare business (with new hospitals and the SMC expansion coming on stream over the next three years) has yet to be appreciated as it is embedded within the parentco.
At RM1.37, SUNWAY is trading at an undemanding valuation of 10.5x FY21E P/E (13% lower than IJM’s 12.1x and 28% discount vs GAMUDA’s 14.7x), supported by an attractive 6.7% FY21E DY.
Technically, the stock is poised for further rally after a bullish downtrend line breakout and a long white candle yesterday.
MACD has confirmed its golden cross while the RSI is still on the rise, pointing to a more positive near term outlook.
A successful breakout above RM1.44 (100D SMA) will spur prices higher towards RM1.55 (50% FR) before reaching our LT objective at RM1.63 (61.8% FR).
Key supports are pegged at RM1.32 (10D SAM) and RM1.27 (lower BB). Cut loss at RM1.26.
Source: HLIB
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Tue Dec 01, 2020 8:54 am
by winston
SUNWAY – Promising multi-year growth trajectory
HLIB Research maintains a BUY rating with TP of RM1.95 (10% discount to a SOP-derived value of RM2.17), supported by undemanding 11x FY21E P/E, attractive 5.1% FY21E DY coupled with strong FY20-22 EPS CAGR of 31%, premised on its unbilled sales of RM2.5bn (4.6x cover ratio) and a robust outstanding order book of RM5.6bn (3.2x cover ratio).
Moreover, the value of the healthcare business (with new hospitals and the Sunway Medical expansion coming on stream over the next three years) has yet to be appreciated as it is embedded within the parent-co.
Financially, the just concluded RM1.1bn proceeds from ICPS and the proceeds raised from future divestment of stake in healthcare in the later years will further strengthen its balance sheet to pursue business expansion and scale new heights.
Trend: Bullish double bottom formation
R1-R2: 1.50-1.56
LT objective: 1.66
S1-S2: 1.34-1.31
Cut: 1.30
Source: HLIB
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Thu Dec 03, 2020 8:58 am
by winston
not vested
Sunway (RM1.41) - ICPS issuance over-subscribed (HG Tan)
Announced that its ICPS has been over-subscribed by 0.66%.
With number of units subscribed, Sunway will be raising RM977.8m from this ICPS exercise.
Andrew said his pro-forma calculation implies net gearing to ease to 0.36x (from 0.49x as of 3Q20) post-issuance or 0.31x after taking into account the completion of disposal of Sunway Pinnacle in 4Q20.
Note that net gearing calculation uses Total Equity (which includes the Perpetuals and upcoming ICPS) as a denominator as Sunway bases its net gearing threshold 0.5x on this.
Andrew views the oversubscription positively as it indicates the public’s confidence on Sunway’s prospects.
The exercise will further strengthen Sunway’s balance sheet and ability to expand its business moving forward.
The ICPS and new extra warrants allocated to existing warrants holders will be listed on 8 Dec.
Separately, understand the healthcare bidding process will likely be concluded by end-2020. This is exciting as it brings in strategic shareholder to help expand healthcare business while revealing the intrinsic value of healthcare via the valuation pegs by the new strategic partner.
With its concerted efforts to expand healthcare, quarry, manufacturing and trading in building materials, the group will transform itself from property (still perceived that way by analysts) to a group with well diversified earnings bases.
Andrew's existing forecasts.
Core net EPS :
FY19 a : 13.1 sen
FY20 e : 8.0 sen
FY21 f : 13.1 sen
FY22 f : 13.8 sen
Andrew maintains Buy call with TP of RM1.95 based on a 10% holding discount to a SOP-derived value of RM2.17.
Source: HLIB
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Wed Jan 31, 2024 11:03 am
by winston
not vested
Growing healthcare presenceWe reiterate Add on Sunway, raising FY25F EPS by 3.7% and TP to RM3.40.
We believe SHG has fast-growing potential on a 2-year revenue and EBITDA CAGR of 34-38% over FY21-23 and pipeline of new hospitals.
Sunway is building the ecosystem in Johor and is holding out for better pricing power.
Source: CIMB
https://rfs.cgsi.com/api/download?file= ... A556C7FBB1
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Thu Feb 22, 2024 8:55 am
by winston
not vested
Sunway (SWB MK)
2023: Within Expectations; Sets RM2.6b Sales Target For 2024Sunway saw 2023 revenue grow 18% while net profit rose 25% mainly due to strong
performances from the property development (lumpy Singapore contribution) and
healthcare (strong operational results from new hospitals) segments.
For 2024, Sunway targets RM2.6b in sales on the back of RM2b of new launches.
Maintain BUY with a higher target price of RM3.06 (previously: RM3.01).
Source: UOBKH
https://research.uobkayhian.com/content ... 114bb6812f
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Thu Feb 22, 2024 10:19 am
by winston
not vested
On track
Profit and sales in line; U/G to BUYSunway’s 4Q23 core net profit of MYR187.2m (-4% YoY, +4% QoQ) was in line.
2023 locked-in sales of MYR2.4b were 4% above its FY23 sales goal of MYR2.3b (+20% YoY) but in line with our sales assumption.
Management has set a higher sales target of MYR2.6b (+8% YoY) for FY24.
We raise our earnings forecasts by 2-6%.
Our TP is raised to MYR3.03 TP (+101sen) based on 0.8x P/RNAV (from 0.9x FY24E PBV).
Upgrade to BUY.
Source: Maybank
https://mkefactsettd.maybank-ke.com/PDFS/365535.pdf
Re: Sunway Berhad / Jeffrey Cheah
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Posted:
Thu May 23, 2024 2:07 pm
by winston
not vested
Sunway (SWB MK)
1Q24: In Line; Expect Strong 2Q24 On Lumpy Singapore Project ContributionSunway saw 1Q24 revenue growing 12% while net profit rose 22% mainly due to strong performances from the property development (higher sales and progress billings) and healthcare (strong operational results from new hospitals) segments.
It achieved property sales of RM498m, on track to achieve its sales target of RM2.6b.
Downgrade to HOLD due to limited upside with an unchanged target price of RM3.80.
Source: UOBKH
https://research.uobkayhian.com/content ... e=hs_email